I can get around 40-45 pound dumbells? I tried 50 but I can only do reps on 5 at max with those, probably for about 3 sets. Is this good, or do I still have a long ways to go?

For weighing 127, thats not bad. As long as youre making progress, that's the most important thing. Definitely keep pushing yourself, try going up in weight every 2 weeks or so to push yourself. Some people can also stack a ton of weight on bench, but not do as much on dumbbell press and vice versa, everyone is different. I usually rep a couple sets of dumbbell press at my own bodyweight, that might be a good goal for you to set. Good luck!